Better Information for Better Choices: Progress and Prospects.


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Administrations now represent more than 2/3 of GDP; Manufacturing now represents under 1/5 of ... Create measures of little business for the national records. ...
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Slide 1

Better Data for Better Decisions: Progress & Prospects J. Steven Landefeld, Director Measuring and Enhancing Services Trade Data & Information Conference U.S. Branch of Commerce September 14 th , 2010

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Updating Measures of Services to Reflect the Expanding Role of Services in the Economy Despite their key part in today\'s economy, administrations information in the past have truly slacked information on assembling : Services now represent more than 2/3 of GDP; Manufacturing now represents under 1/5 of GDP

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Updating Measures of Services to Reflect the Expanding Role of Services in the Economy Improvements in administrations estimation gave a greatly improved comprehension of administrations commitment to the recovery of development and profitability since the mid-1990\'s Brookings, Triplett and Bosworth, 2004 These changes were because of worries by the business, scholarly, and arrangement group Greenspan, and Corrado and Slifman (1996) AEA, NABE, CEA (Boskin)

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Contributions to efficiency Increasing profitability in administrations drove the emotional change in U.S. profitability development over the 1995-2001 time period. In spite of the fact that efficiency development has impeded, profitability of private administrations creating commercial ventures over the 2002-2007 time period keeps on being great over their long haul normal

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Productivity Trends

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Contributions to development in Real GDP

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Contributions to Real GDP by chose private administration commercial ventures

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Updating Measures of Services to Reflect the Expanding Role of Services in the Economy QSS extension lessened the offer of the early GDP gauges represented by extrapolation and enhanced the exactness of these evaluations for business and open chiefs. The most recent QSS extension brought down the pattern based offer of the early GDP gauges from 23 to 13 percent. QSS has had another significant extension in 2010 that will keep on lowering the pattern offer of early GDP gauges.

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Improvements to the National Accounts: Use of QSS Data in PCE Estimates (July 2010) HCE Health Care Services 92% 8% Transportation Services 58% 42% Recreational Services 76% 24% Other Services 65% 35% NPISH Gross Output of NPISH 74% 26% % Based on QSS % Not Based on QSS HCE - Household Consumption Expenditures for Services NPISH - Final Consumption Expenditures of Nonprofit Institutions Serving Households

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Improvements to the Industry Accounts Services Annual Survey (SAS) development Better data on industry receipts and costs in BEA\'s information yield accounts QSS extension More exact "development" GDP by industry insights NAICS redesigns concentrate on enhanced scope in key development segments, for example, Information

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Updating Measures of Services to Reflect the Expanding Role of Services in the Economy Expanded Services Annual Survey accumulations enhanced the exactness of the data yield coefficients for administrations commercial ventures. Such coefficients are utilized to evaluate a wide scope of financial occasions Hurricane Katrina Impact of open speculations under the Recovery Act

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Updating Measures of Services to Reflect the Expanding Role of Services in the Economy Greater subtle element in global exchange administrations. Huge development the geographic subtle element for the quarterly exchange information from 10 nations and ranges to 37, including China and India Breakdown of associated exchange by sort encourages examination of administrations exchange and off-shoring issues. Vast development of quarterly detail with key nations, for example, China.

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Improvements to the International Accounts: Cross-Border Trade Surveys changed over from yearly to quarterly Integration of information accumulation for associated and inconsequential gathering exchange Improved mailing records through information offering to Census New Visa study will enhance measurements on global travel

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Improvements to the International Accounts: Affiliated Services Trade Coverage extended to incorporate banks Added 12 percent to administrations gave to outside business sectors by remote offshoots of U.S. organizations Added 8 percent to administrations gave to U.S. markets by U.S. associates of outside organizations Improved measures for money, protection, and wholesale and retail exchange Un-valued monetary administrations of banks included alongside unequivocal charges

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Remaining Challenges Count interest in R&D and other development Improve measures of budgetary administrations. Create measures of little business for the national records. Grow quarterly GDP by industry and other incorporated measures of business conditions, especially for administration commercial enterprises. Grow more definite measures of vitality administrations. Create Improved Measures of Medical Care Services

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Planned Expansion of Measures of Energy Services

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Remaining Challenges Comparison of Price Indexes for Medical Care, 2001-2003 (compound yearly development rates)

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Remaining Challenges Better Integration of Economic Statistics: Concepts and Methods Presentation Sample Frames Classification Data Synchronization

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